It has been two years since Samsung launched its mobile payment service. Samsung Pay was first launched in its home country of South Korea in August 2015. The service processed 2 trillion won or $1.7 billion worth of transactions in its first year.
Samsung has now revealed that Samsung Pay has processed an accumulated transaction volume of 10 trillion won or $8.76 billion in South Korea. This goes to show that Samsung’s mobile payment service continues to see significant growth in the country.
Samsung also revealed that of the $8.76 billion in transactions that were processed by Samsung Pay, over 30 percent were made via online platforms.
Samsung Pay is unique compared to some of the other mobile payment services available today. It has support for both NFC and MST (Magnetic Secure Transmission). The MST technology enables the service to work with conventional card readers.
This means that merchants don’t have to spend money to acquire costly NFC terminals if they want to start accepting Samsung Pay. They can accept Samsung Pay with the credit and debit card readers that they already have in their stores.
The company has gradually been rolling out its mobile payment service in more countries across the globe. Over the past year, Samsung Pay has been launched in markets like Spain, India, Australia, Singapore and more.